So basically there are going ahead with the repairs to the ULSD plant at an estimated cost of $300mil USD, more than likely there would be huge cost overruns. I know a few guys there who eagerly awaiting it so they can book overtime as they claim this will be the last mega project in a few years to come. And yes, no guarantee the plant would work at the end of this exercise.So its just sink more money into something to keep it afloat. If it does work, what's the demand like for clean diesel?

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle

No baxide.You posted that it was Jones that wasted billions.It's the WGTL debacle that created all of not mostOf the debt.

So how was the debt created 2016-2017...if it is Jones that did the deed.???

I cool with jamming any board member that did crap...I said so clearly when the bamboo issue came up first.But instead.of moving the goal post....tell us how you arrive that the debt is originating post 2015.

lalloboy101 wrote:So basically there are going ahead with the repairs to the ULSD plant at an estimated cost of $300mil USD, more than likely there would be huge cost overruns. I know a few guys there who eagerly awaiting it so they can book overtime as they claim this will be the last mega project in a few years to come. And yes, no guarantee the plant would work at the end of this exercise.So its just sink more money into something to keep it afloat. If it does work, what's the demand like for clean diesel?

The reason for going ahead with the plant is that diesel standards will be improved globally in 2020. If you want to sell diesel then you need to make it with low sulphur. Right now not all markets mandate low sulphur diesel so we can still sell to those. Won't be possible to sell current diesel to those markets in 2020 or probably would have to sell it at a much lower price (loss).

No guarantee any plant works at the end of any construction exercise. That's no reason to not try. Key aspect is not making the same mistakes from the past.

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle

No baxide.You posted that it was Jones that wasted billions.It's the WGTL debacle that created all of not mostOf the debt.

So how was the debt created 2016-2017...if it is Jones that did the deed.???

I cool with jamming any board member that did crap...I said so clearly when the bamboo issue came up first.But instead.of moving the goal post....tell us how you arrive that the debt is originating post 2015.

Just to clarify World GTL is not responsible for all or most of the debt.

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle

No baxide.You posted that it was Jones that wasted billions.It's the WGTL debacle that created all of not mostOf the debt.

So how was the debt created 2016-2017...if it is Jones that did the deed.???

I cool with jamming any board member that did crap...I said so clearly when the bamboo issue came up first.But instead.of moving the goal post....tell us how you arrive that the debt is originating post 2015.

Having to admit that your beloved PNM singlehandedly sank Petrotrin into a monstrous debt trap seems to have upset you. Don't pull out your red hairs just yet, wait until next year, when that $USD 800 million bond is due. This MoF has already proven that he cannot run a parlour, far less a national economy, so the measures will be interesting, to say the least. I suspect a future generation is about to be royally facked.

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle

No baxide.You posted that it was Jones that wasted billions.It's the WGTL debacle that created all of not mostOf the debt.

So how was the debt created 2016-2017...if it is Jones that did the deed.???

I cool with jamming any board member that did crap...I said so clearly when the bamboo issue came up first.But instead.of moving the goal post....tell us how you arrive that the debt is originating post 2015.

Just to clarify World GTL is not responsible for all or most of the debt.

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle

No baxide.You posted that it was Jones that wasted billions.It's the WGTL debacle that created all of not mostOf the debt.

So how was the debt created 2016-2017...if it is Jones that did the deed.???

I cool with jamming any board member that did crap...I said so clearly when the bamboo issue came up first.But instead.of moving the goal post....tell us how you arrive that the debt is originating post 2015.

Just to clarify World GTL is not responsible for all or most of the debt.

Do tell.

It’s the US bonds that make up the majority of the debt. Specifically the $850 million US one due next year, one mc shot, is what is leading to the upcoming changes within the company. The bonds were taken to pay for necessary refinery upgrades that started in the mid 2000’s. The majority of the 850 bond went towards ULSD and completion of other plants.

If the company can’t pay the bonds it reflects badly on the entire country. As in the credit rating of the country would be negatively affected if Petrotrin defaults on the bonds.

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle

No baxide.You posted that it was Jones that wasted billions.It's the WGTL debacle that created all of not mostOf the debt.

So how was the debt created 2016-2017...if it is Jones that did the deed.???

I cool with jamming any board member that did crap...I said so clearly when the bamboo issue came up first.But instead.of moving the goal post....tell us how you arrive that the debt is originating post 2015.

Just to clarify World GTL is not responsible for all or most of the debt.

Do tell.

It’s the US bonds that make up the majority of the debt. Specifically the $850 million US one due next year, one mc shot, is what is leading to the upcoming changes within the company. The bonds were taken to pay for necessary refinery upgrades that started in the mid 2000’s. The majority of the 850 bond went towards ULSD and completion of other plants.

If the company can’t pay the bonds it reflects badly on the entire country. As in the credit rating of the country would be negatively affected if Petrotrin defaults on the bonds.

Ok, I knew about the bond issue. Tell me where else in the entire world, would billions be spent to upgrade a refinery more than 15 years ago, and not only be incomplete, but still need $300 million USD more? Where else in the world would someone not make a jail for this? Then again, the AG dismissed their friend Malcolm Jones' case, so even if this were to come to some sort of criminal proceeding, it too would have been stopped cold.How do you suppose this bond is going to be serviced? Borrowing?

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle

No baxide.You posted that it was Jones that wasted billions.It's the WGTL debacle that created all of not mostOf the debt.

So how was the debt created 2016-2017...if it is Jones that did the deed.???

I cool with jamming any board member that did crap...I said so clearly when the bamboo issue came up first.But instead.of moving the goal post....tell us how you arrive that the debt is originating post 2015.

Just to clarify World GTL is not responsible for all or most of the debt.

Do tell.

It’s the US bonds that make up the majority of the debt. Specifically the $850 million US one due next year, one mc shot, is what is leading to the upcoming changes within the company. The bonds were taken to pay for necessary refinery upgrades that started in the mid 2000’s. The majority of the 850 bond went towards ULSD and completion of other plants.

If the company can’t pay the bonds it reflects badly on the entire country. As in the credit rating of the country would be negatively affected if Petrotrin defaults on the bonds.

Ok, I knew about the bond issue. Tell me where else in the entire world, would billions be spent to upgrade a refinery more than 15 years ago, and not only be incomplete, but still need $300 million USD more? Where else in the world would someone not make a jail for this? Then again, the AG dismissed their friend Malcolm Jones' case, so even if this were to come to some sort of criminal proceeding, it too would have been stopped cold.How do you suppose this bond is going to be serviced? Borrowing?

I agree that Malcolm is partly responsible for Petro position, but he is DEAD now and everyone., except you know that a dead man cannot be prosecuted. However, why did the PP appointed president Uncle Khalid not look into this when he and Gillette were running the show?

Simple because they were both politically appointed sheep.Khalid could not have built a simple fcuking ULSD plant while he was the project manager and he was made President. And worse yet the fcuker had an unsigned contract and attempted to pay himself millions in bonuses. Shut yuh mouth if you do not have facts sick man. Politics on both sides killed Petrotrin.

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle

No baxide.You posted that it was Jones that wasted billions.It's the WGTL debacle that created all of not mostOf the debt.

So how was the debt created 2016-2017...if it is Jones that did the deed.???

I cool with jamming any board member that did crap...I said so clearly when the bamboo issue came up first.But instead.of moving the goal post....tell us how you arrive that the debt is originating post 2015.

Just to clarify World GTL is not responsible for all or most of the debt.

Do tell.

It’s the US bonds that make up the majority of the debt. Specifically the $850 million US one due next year, one mc shot, is what is leading to the upcoming changes within the company. The bonds were taken to pay for necessary refinery upgrades that started in the mid 2000’s. The majority of the 850 bond went towards ULSD and completion of other plants.

If the company can’t pay the bonds it reflects badly on the entire country. As in the credit rating of the country would be negatively affected if Petrotrin defaults on the bonds.

Ok, I knew about the bond issue. Tell me where else in the entire world, would billions be spent to upgrade a refinery more than 15 years ago, and not only be incomplete, but still need $300 million USD more? Where else in the world would someone not make a jail for this? Then again, the AG dismissed their friend Malcolm Jones' case, so even if this were to come to some sort of criminal proceeding, it too would have been stopped cold.How do you suppose this bond is going to be serviced? Borrowing?

I agree that Malcolm is partly responsible for Petro position, but he is DEAD now and everyone., except you know that a dead man cannot be prosecuted. However, why did the PP appointed president Uncle Khalid not look into this when he and Gillette were running the show?

Simple because they were both politically appointed sheep.Khalid could not have built a simple fcuking ULSD plant while he was the project manager and he was made President. And worse yet the fcuker had an unsigned contract and attempted to pay himself millions in bonuses. Shut yuh mouth if you do not have facts sick man. Politics on both sides killed Petrotrin.

Khalid Hassanali is alive right? What's stopping the present GORTT from pursuing charges against him if his incompetence/corruption are so obvious? What facking facts do you have? A criminal case was made against Malcolm Jones when he was alive(typically doesn't make sense to prosecute them when they're dead ) but the AG, no doubt on instructions from JUHN Scarfy, dropped all the charges, so a case Hassanali should breeze right through the system no?

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle

No baxide.You posted that it was Jones that wasted billions.It's the WGTL debacle that created all of not mostOf the debt.

So how was the debt created 2016-2017...if it is Jones that did the deed.???

I cool with jamming any board member that did crap...I said so clearly when the bamboo issue came up first.But instead.of moving the goal post....tell us how you arrive that the debt is originating post 2015.

Just to clarify World GTL is not responsible for all or most of the debt.

Do tell.

It’s the US bonds that make up the majority of the debt. Specifically the $850 million US one due next year, one mc shot, is what is leading to the upcoming changes within the company. The bonds were taken to pay for necessary refinery upgrades that started in the mid 2000’s. The majority of the 850 bond went towards ULSD and completion of other plants.

If the company can’t pay the bonds it reflects badly on the entire country. As in the credit rating of the country would be negatively affected if Petrotrin defaults on the bonds.

Ok, I knew about the bond issue. Tell me where else in the entire world, would billions be spent to upgrade a refinery more than 15 years ago, and not only be incomplete, but still need $300 million USD more? Where else in the world would someone not make a jail for this? Then again, the AG dismissed their friend Malcolm Jones' case, so even if this were to come to some sort of criminal proceeding, it too would have been stopped cold.How do you suppose this bond is going to be serviced? Borrowing?

Check Suriname....

300 m is an estimate...I bet it will be more.

The only options are refinance...borrowing more.Restructure....essentially extension of the existing debt...still a loan of sorts.

THE Oilfield Workers’ Trade Union is against the Petrotrin board’s decision on Wednesday to split the company in two.

“We will have a lot to say about that going forward because it seems that they are setting the public up to believe that Petrotrin must be sold to their friends. And we are against that.

“We are against Neal and Massy (sic), the Wood Group, in any form or under any name acquiring what belongs to the people. Petrotrin is in the position it is in today because of successive governments and poor management by those governments.

And that cannot be disputed with any success,” the union’s president-general Ancel Roget told reporters yesterday during a protest in front of Rowan Drilling Ltd, in St Clair.

From March1, Petrotrin will be splitting into two distinct business units, one focusing on upstream production and the other on downstream activities. This was announced on Wednesday at a Parliamentary Joint Select Committee on Energy Affairs, by director Nigel Edwards, who presented to the committee on the Board’s strategy for taking the company on a new way forward.

Edwards yesterday clarified that a final decision was taken yesterday at a Board meeting and while the transition will begin at the start of next month, it will be fully executed within an 18-month period where the company will seek to streamline its operations to become more efficient, and hopefully, profitable.

WITH a Government mandate to split the company into two distinct divisions and do away with the current superstructure management, Petrotrin is moving rigorously to stem annual losses which have been put at $800 million.

This was revealed yesterday by Petrotrin chairman Wilfred Espinet who said that expenses which Petrotrin could avoid, amounts to $400 million. A large chunk of this goes into paying top managers, the chairman disclosed.

Committed to carrying out government’s mandate in creating two autonomous operations in Petrotrin, Espinet said that the company has already “brought in” experts to restructure its management which will see vice presidents of various divisions being made redundant.

And, Espinet said, the company intends to conduct an audit to determine where it is getting value for money from its present lower-level workforce which is estimated to be approximately 3,000 employees.

Since being installed last September under the stewardship of Espinet, the Petrotrin’s board has been considering a report of the Petrotrin Review Committee.

In light of falling oil prices and as a consequence, decrease revenues, the report recommended Petrotrin establish its exploration separate from the company. Refining the oil and making various by-products will be separate. In January, Prime Minister Dr Keith Rowley led a Cabinet-appointed team which ratified the report and gave Petrotrin the green light. Already, Espinet said, Petrotrin has brought in specialists to look at every aspect of production and refining operations. Saying the company’s mission is to save $800 million yearly, the chairman commented on the top management positions in Petrotrin that has to go.

In Petrotrin, each division has a vice president. Espinet said, “Why need for all those vice presidents? It has created a balloon of cost that is not relevant. Out target is to stop the loss. If you say employment is merely putting people on a payroll, but not creating and producing, that company is going to collapse. Very often administration people see themselves as being more important than the function itself.”

Petrotrin is to be divided into exploration and refining as separate entities with their own respective management and employees. Production will focus on drilling wells and exploring for oil. Refining will focus on the 42,000 barrels of oil the Pointe-a-Pierre refinery needs to convert into products to sell to the local and international markets.

“Our missions will be to find markets for 42,000 barrels of oil....I mean the by-products such as gas, liquefied gas, diesel, kerosene etc.” Espinet declined to reveal how many vice presidents and managers would be sent home, nor, the extent to which the general workforce would be affected. He admitted that absenteeism at Petrotrin is rampant.

A&V Oil and Gas has again failed in its attempt to convince the courts that there is an arguable case against state-owned Petrotrin termination of its contract with the lease operator.

On Monday, the Privy Council refused A&V Oil permission to appeal a ruling of the local court of appeal, effectively clearing the way for the refinery to give effect to the termination of the contract. This includes taking possession of A&V Oil's assets.

As a result of Monday's ruling the two-week old temporary injunction was lifted. The lease operator has unsucessfully sought to challenge Petrotrin’s entitlement to withhold $83.9 million which was retained under a term of the agreement between the state oil company and the lease operator.

A&V Oil’s attorneys, on February 15, applied for and was granted the injunction in the Privy Council on Ash Wednesday.

Two similar injunctions for interim relief were previously sought in the local courts and denied.

Petrotrin, on December 22, announced the termination of its contract with A&V Oil and Gas.

The lease operator was at the centre of the fake oil scandal at Petrotrin. Petrotrin said the findings of its audit department had been confirmed by an independent, forensic audit conducted by Canadian consultancy firm, Kroll Consulting Canada Company. The Kroll audit was commissioned by Petrotrin’s board of directors.

THE defeat in the Privy Council on Tuesday means A&V Oil and Gas has exhausted its legal options, which attempted to prevent Petrotrin from terminating its multi-million dollar contract as a result of the findings of an Internal Report. As a result, the State-owned company as a announced that by noon Wednesday, it will be taking possession of A&V's Cathill Field.The plan was announced in a statement on Tuesdya night in a statement which read:Petrotrin's Board of Directors today announced that pursuant to the Termination Notice dated 2017 December 19 bringing to an end the Incremental Production Service Contract (IPSC) with A&V Oil & Gas Limited (A&V), Petrotrin intends to take possession of the Catshill Field previously operated by A&V on or before 12:00 noon on 2018, Wednesday February 28.

This follows the dismissal by the Privy Council on 2018, Monday February 26 of A&V's application for permission to appeal against the Order made by the Court of Appeal of Trinidad and Tobago dated 2018 February 08 refusing A&V an injunction to restrain the termination of the IPSC. A&V failed in its bid to obtain an injunction in both the High Court and the Court of Appeal....http://www.trinidadexpress.com/20180228 ... ld-by-noon